Negotiating a severance agreement, or severance package, can be part of your departure from your employer. It’s important to ensure that you fully understand the agreement before signing. We highly recommend seeking the counsel of a severance agreement attorney in Virginia.
A severance agreement or severance package is a deal. Essentially, as a former employee, you receive compensation, and your former employer receives various protections. Typically, this includes things that ensure you won’t sue the company, speak poorly of the company or share trade secrets.
In laymen’s terms, you have information and things that your employer wants to buy when you are terminated. The most important of these is a release, or your promise not to sue, for anything that happened during your employment. This agreement is legally binding so before you sign it, you need to negotiate what you are willing to sell, and decide on an appropriate sale price.
While each severance agreement is unique, there are several things that are commonly found in these legal documents. First, most employers ask for a general release, which releases the employer from all possible legal claims. This is pretty standard in all severance agreements.
Next, employers generally ask for a confidentiality clause, meaning you can’t speak to anyone about anything that went on during your time of employment. You need to consider how this will impact your future job hunt and decide if it’s worth it.
Finally, employers usually ask for a clause that prohibits you from speaking ill of the company after you leave. You need to consider whether this restriction is something you are prepared to accept.
[Related: Golden Parachute Packages]
Before you sign anything, you should seek legal counsel. An experienced severance agreement lawyer in Virginia can help you understand the complicated legal language in the agreement and ensure that your rights are protected. Our severance agreement attorneys will help you review, edit, and negotiate your severance agreement.
If you are in need of an attorney’s advice, please contact Cook, Craig, and Francuzenko today. Our firm has attorneys who specialize in a variety of practice areas. With over 100 years of combined experience, we are seasoned professionals ready to help you.
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